A company still losing money with growing sales, with elevated risk. Institutions are adding.
Going well
Sales up 41% last year
Little debt
Watch out for
Share count growing 26.3% a year (dilution)
Losing money, losses are large next to sales
Money moves
Insiders sold $46K in the last 30 days, all through pre-planned sales
Institutions added 67% to their holdings in the quarter ending June 2026 (155 bought, 61 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$11.47+3.3% that day
Company value
$917M
Share price times all shares
Price vs sales
5.8x
No profit over the last year, so this compares value with sales instead
Cash vs value
72%
A big cushion: cash is a large part of what the company is worth
Debt vs value
13%
Debt as a share of company value
From FCEL's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Profit, Jul '26
-$44.5M
Oct '23Tap a barJul '26
Last 12 months: -$175.1M.
What the price assumes
Your guesses, our math
Move the sliders to your own view of FCEL. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$347M
Profit in 5 years$35M
Price these guesses point to$4.04-65% vs $11.47 todayAbout -19% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 44% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
Forum talk counts mentions of FCEL in popular online stock forums, a slice of the internet rather than all of it. Company lookups show interest in the company itself, which can come from news that isn't about the stock. Attention isn't quality.
Business quality
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
1/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-28.3%
PassDebt under half of equityNot relying on borrowed money.0.17x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-118.8%
MissProfitable every yearSteady profits, not one good year.0 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$125.3M
MissShare count not growingNot diluting owners. Falling means buybacks.+101.6% in 3 years
Revenue
$158.2M
+41.0% vs prior year
5-year growth
+17.4%/yr
revenue, per year
Total debt
$120.4M
0.17x equity
Current ratio
7.96x
short-term assets / bills due
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jul 31, 2026
Reported Sep 2
EPS
-$0.64
vs -$3.78
Free cash flow
-$12.2M
Share count
+188.1%
vs a year ago
Insider rating
Last 90 days
48Mixed
Pre-planned sales of $46K (weaker signal)
50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.
Weekly insider trend
13 weeks agoBoughtSoldThis week
Filing buzz
Last 7 days vs normal
0/ 100
This week
0
Normal week
1.1
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+67.2%
Institutions added 67.2% to their holdings. 155 bought, 61 sold. 4 quarters of net buying in a row.
Shares held by institutions41.3M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-44.0%
Cash runwayAt last year's cash burn
63 months
Debt to equityLatest balance sheet: debt compared with what owners have
0.1x · $134.8M debt
Shares outstandingLatest reported
80M
Why elevated risk
Losing money, losses are large next to sales
3 offering filings in 6 months (may sell new shares)
Earnings reports
Last 12
Next reportAround Dec 17 (est.)Estimated from the same quarter last year
Results filedSep 2
Results filedJun 8
Results filedMar 9
Results filedDec 18, 2025
Results filedSep 9, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days